Candi Photo voltaic Raises $58.5 Million from IFC to Gasoline Subsequent Development Section

NewsVoir
Mumbai (Maharashtra) [India], December 15: Candi Photo voltaic, a number one clear vitality firm specialising in distributed photo voltaic options for business and industrial (C&I) companies, has secured USD 58.5 million in funding led by the Worldwide Finance Company (IFC), a member of the World Financial institution Group. This syndicated debt funding facility – the corporate’s largest spherical to this point – brings Candi’s complete capital raised to over USD 200 million and positions it firmly within the league of trusted, institutional-grade clear vitality platforms.
The undertaking will ship clear, inexpensive photo voltaic options in South Africa and India, driving down operational prices and advancing sustainability for Candi’s shoppers. Candi’s portfolio has greater than doubled to 220+ MWp in simply 18 months, pushed by 85 MWp of open-access tasks in India and flagship websites together with auto elements producer Pricol Restricted in India, Ngwenya Lodge in South Africa, and the photo voltaic plant at Kings Park Stadium HQ, dwelling of The Sharks rugby crew. Candi additionally powers main companies corresponding to IFF, Toyota, Choose n Pay, and Suryalakshmi Cotton Mills – proving the energy of its mannequin throughout manufacturing, retail, and business actual property.
A Vote of Confidence in Maturity
IFC’s funding reinforces Candi’s position as a trusted and scalable companion for companies on their net-zero journey.

IFC’s funding contains:
– USD 6.5 million from the Canada-IFC Blended Local weather Finance Platform
– as much as USD 42 million equal for IFC’s personal account (composed of rands, rupees, and US {dollars}) a portion of which is supported by IFC’s Managed Co-lending Portfolio Program (MCPP).
– A concessional mortgage of as much as USD 10 million (blended native rands and rupees) from IFC performing in its capability because the implementing entity of the Local weather Funding Funds’ Clear Expertise Fund.

“That is the biggest funding facility we now have ever closed,” stated Bruno Rauis, Director of Candi Photo voltaic. “It propels us into our subsequent part of development and strengthens our ambition to be the main distributed vitality companion in India, South Africa, and past. IFC’s involvement is catalytic – it builds confidence amongst world buyers and allows us to entry bigger swimming pools of capital to scale sooner within the years forward.”
“This milestone marks an inflection level for Candi Photo voltaic in India,” stated Nishant Sood, Managing Director of Candi Photo voltaic. “It empowers us to scale distributed tasks sooner, ship substantial vitality financial savings for our shoppers, and advance India’s net-zero pathway. IFC’s belief is a robust endorsement of our mannequin — which has positioned us amongst India’s main distributed photo voltaic builders — and displays the rising depth and significance of the sector in a quickly increasing market”
A Gateway for International Capital

By mixing concessional and business elements, the IFC-led multicurrency facility (together with native foreign money), which can assist Candi’s development throughout key areas for distributed era, is structured to soak up early-stage monetary, operational, and efficiency dangers whereas sustaining stringent ESG and governance requirements. This financing construction isn’t just about enabling Candi’s subsequent part; additionally it is about mobilising different world capital to an asset class as soon as thought-about “too dangerous.”
“This facility is a robust validation of our results-based mannequin and its means to ship dependable returns,” stated KJ Mahoney, Head of Capital Structuring at Candi Photo voltaic. “IFC’s involvement demonstrates that distributed photo voltaic can meet the best requirements of efficiency, governance, and influence, paving the way in which for world buyers to assist this sector at scale.”
“At IFC, we see distributed photo voltaic as a robust lever for accelerating vitality entry and effectivity in rising markets,” stated Claudia Conceicao, IFC Regional Director for Southern Africa. “Our partnership with Candi Photo voltaic demonstrates how revolutionary financing fashions can unlock personal capital at scale – supporting small and medium-sized companies to create jobs, cut back vitality prices, and strengthen operational resilience.”
Influence Past Megawatts
The ability will straight finance almost 200 MWp of recent tasks, with a broader influence on:
– Sustainability – advancing clear vitality adoption throughout key industrial clusters to decrease emissions.
– Resilience – strengthening grid stability for companies and communities going through energy volatility.
– Employment & provide chains – creating jobs and constructing native industrial capability.
– Affordability – giving firms predictable vitality prices and long-term competitiveness.
This spherical follows Candi’s USD 24 million fairness and mezzanine increase earlier this 12 months, laying the inspiration for a excessive double-digit-million Collection D in 2026.
A Clear Runway to 2026
With this milestone, Candi Photo voltaic is getting ready for its subsequent development chapter. By 2026, the corporate goals to develop its contracted portfolio past 400 MWp throughout India and South Africa, whereas deepening its performance-linked product suite together with storage vitality options. Candi’s evolution displays an even bigger world story: distributed photo voltaic in rising markets is not aspirational – it’s confirmed, investable, and central to the world’s clear vitality transition.
Candi Photo voltaic is a pioneering distributed vitality platform that funds, builds, and manages tailor-made photo voltaic options for business and industrial companies in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers dependable, inexpensive, and sustainable energy whereas absorbing the technical and efficiency dangers on behalf of its shoppers.
Since its inception in 2018, the corporate has raised greater than USD 200 million from world buyers, mixing worldwide capital experience with deep native execution. Its performance-linked mannequin aligns income with precise system output, guaranteeing long-term accountability and threat switch. Candi’s mission goes past decarbonisation: its tasks contribute to job creation, enhanced grid resilience, and entry to sustainable infrastructure, positioning the corporate as a trusted companion within the clear vitality transition throughout rising markets.
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